As ERM processes progressed, along with the sophistication of those involved, companies shifted from thinking about impact as dollars. To many, impact began to include other impact dimensions such as environmental, regulatory, health, safety, or even reputation. This gets a little tricky because organizations were combining quantitative dollars with qualitative assessments of these other dimensions. Still, this was an improvement, as was linking impact to what levels the organization cared about (whether or not this was formally stated in appetite statements).
The next evolution in thinking about impact might need to be the impact dimension of the "business model." Business models, value propositions, and strategic positions are obtained and built and dollars tend to follow, but not always so quickly.
This especially applies to businesses that are facing significant and rapid disruption. As a reminder there are some famous companies that did not create positive net income for a long time, including some today that still lose a lot of money. But it is the strategy and business model position that the company has claimed that leads others to value them so highly. If the business model is threatened by some risk, the fall in dollars will follow.